Hong Kong Cautious on Future Social Spending

GDP Expected to Expand 3%-4%

HONG KONG—Hong Kong's finance minister on Wednesday said the city needs to rein in the recent and aggressive increases in social spending, citing public concerns that the traditionally laissez-faire city was "moving towards welfarism."

In his annual budget address before legislators, Financial Secretary John Tsang said the city will cut one-off relief measures in this year's budget to 20 billion Hong Kong dollars (US$2.58...